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Lease Obligations and Other Commitments (Tables)
9 Months Ended
Feb. 25, 2023
Commitments And Contingencies Disclosure [Abstract]  
Schedule of Gross Amount Assets and Liabilities Related to Operating and Financing Leases

The gross amounts of assets and liabilities related to both operating and financing leases were as follows (in thousands):

 

Lease Type

 

February 25, 2023

 

 

May 28, 2022

 

Operating lease ROU asset

 

$

2,378

 

 

$

3,024

 

Financing lease ROU asset

 

 

 

 

 

215

 

Total lease ROU asset

 

$

2,378

 

 

$

3,239

 

Operating lease liability current

 

$

996

 

 

$

1,109

 

Operating lease liability non-current

 

$

1,382

 

 

$

1,915

 

 

Components of Lease Costs

The components of lease costs were as follows (in thousands):

 

 

 

 

 

Three Months Ended

 

 

 

 

 

February 25, 2023

 

 

February 26, 2022

 

Consolidated operating lease expense

 

Operating expenses

 

$

434

 

 

$

452

 

 

 

 

 

 

 

 

 

Consolidated financing lease amortization

 

Operating expenses

 

 

 

 

 

23

 

Consolidated financing lease interest

 

Interest expense

 

 

 

 

 

1

 

Consolidated financing lease expense

 

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

Net lease cost

 

 

 

$

434

 

 

$

476

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

February 25, 2023

 

 

February 26, 2022

 

Consolidated operating lease expense

 

Operating expenses

 

$

1,300

 

 

$

1,353

 

 

 

 

 

 

 

 

 

Consolidated financing lease amortization

 

Operating expenses

 

 

 

 

 

69

 

Consolidated financing lease interest

 

Interest expense

 

 

 

 

 

4

 

Consolidated financing lease expense

 

 

 

 

 

 

 

73

 

 

 

 

 

 

 

 

 

Net lease cost

 

 

 

$

1,300

 

 

$

1,426

 

 

Schedule of Future Minimum Lease Payments under Operating Leases

The approximate future minimum lease payments under operating leases at February 25, 2023 were as follows (in thousands):

 

Fiscal Year

 

Operating Leases

 

Remaining 2023

 

$

309

 

2024

 

 

992

 

2025

 

 

679

 

2026

 

 

418

 

2027

 

 

83

 

Thereafter

 

 

16

 

     Total lease payments

 

 

2,497

 

Less imputed interest

 

 

119

 

     Net minimum lease payments

 

$

2,378

 

 

Schedule of Weighted Average Remaining Lease Terms and Interest Rates of Leases

The weighted average remaining lease terms and interest rates of leases held by the Company as of February 25, 2023 were as follows:

 

Lease Type

 

Weighted Average Remaining
Lease Term in Years

 

Weighted Average Interest Rate

Operating leases

 

2.7

 

4.2%

 

Schedule of Cash Outflows of Leasing Activity

The cash outflows of the leasing activity of the Company as lessee for the nine months ending February 25, 2023 and February 26, 2022 were as follows (in thousands):

 

 

 

 

 

Nine Months Ended

 

Cash Flow Source

 

Classification

 

February 25, 2023

 

 

February 26, 2022

 

Operating cash flows from operating leases

 

Operating activities

 

$

646

 

 

$

986

 

Operating cash flows from financing leases

 

Operating activities

 

 

 

 

 

133

 

Finance cash flows from financing leases

 

Financing activities

 

 

 

 

 

136